Try our Advanced Search for more refined results
Corporate Crime & Compliance UK
-
June 11, 2024
LC&F Administrators Attack Ex-Boss' Credibility In Ponzi Case
The administrators of London Capital & Finance PLC have criticized the company's former head as a "thoroughly unreliable witness" as they closed their case that he and others operated the business as a £237 million ($302 million) Ponzi scheme.
-
June 11, 2024
BHS Directors To Pay Liquidators £18M For Wrongful Trading
A London judge ordered two former directors of failed retail chain BHS on Tuesday to pay liquidators at least £18 million ($23 million) after finding that they knew that the company was beyond rescue when it was purchased in 2015.
-
June 10, 2024
23andMe Faces UK-Canadian Probe Into Data Breach
The U.K. and Canada said Monday that they are jointly investigating a data breach at genetic testing company 23andMe, which allowed hackers to access data from 6.9 million users.
-
June 10, 2024
Man Gets 1 Year For Manslaughter Of Ex-Boss In 2006 Attack
An Albanian man was sentenced to a year in prison Monday for killing his former boss, after the Crown Prosecution Service linked the victim's life-altering head injuries from an attack nearly two decades ago to his death in 2017.
-
June 10, 2024
Starmer Could Crack Judicial Crisis, Former CPS Chiefs Say
Keir Starmer's lead in the polls as the general election in July approaches has sparked hopes among criminal justice advocates that the Labour leader — a former top prosecutor — will implement reforms as prime minister.
-
June 10, 2024
Serco Accused Of Playing Around With Books As Trial Opens
Institutional investors told a London court Monday that Serco had "played around" with its financial reporting to keeping the government from clocking fraud in its contract for electronic tagging services as a landmark securities trial kicked off.
-
June 10, 2024
European Financial Body Calls On UK To Clarify AML Reforms
A European body representing financial market participants has called on HM Treasury to provide more clarity in the Money Laundering Regulations through planned amendments, including by specifying the exact point when a firm must check a potential customer's background.
-
June 10, 2024
Amazon Sold Facial Tech To Russia, Ex-Employee Alleges
A former Amazon worker has alleged that the technology giant sold facial recognition software to a Russian company in violation of U.K. sanctions.
-
June 07, 2024
Feds Charge UK Trio Over $2M 'Evolved Apes' NFT Scheme
Three United Kingdom residents face criminal wire fraud and money laundering charges brought by federal prosecutors in Manhattan alleging they misappropriated cryptocurrency worth roughly $2 million as part of a "rug pull scheme" involving the digital assets known as non-fungible tokens.
-
June 07, 2024
Merchants Get OK For Visa, Mastercard Fees Suit On 2nd Try
A group of merchants got a tentative go-ahead Friday to bring a collective action accusing Visa and Mastercard of unfairly imposing interchange fees on retailers after revising weaknesses in the initial proposal at the U.K.'s specialist antitrust court.
-
June 07, 2024
Crypto Developers Fight To Gag Wright After 'Satoshi' Trial
A group of cryptocurrency asset developers urged a London judge on Friday to order Australian computer scientist Craig Wright to never again assert that he is the pseudonymous inventor of bitcoin Satoshi Nakamoto, arguing it was the best way to end his "campaign of dishonesty."
-
June 07, 2024
Axed Telecom CEO Loses Early Battle In Whistleblower Suit
A former interim chief executive officer at a telecom company has failed for now to get her job back, with a tribunal saying it was unconvinced by her early-stage claim that she was unfairly dismissed for calling out allegedly unlawful business proposals that would breach agreements with HSBC.
-
June 07, 2024
Former Allianz Unit Exec Admits Role In $6B Fund Fraud
A former portfolio manager at Allianz SE's U.S. unit told a Manhattan federal judge Friday that he lied to investors about the risks of the German finance giant's now-defunct Structured Alpha Funds, admitting to his role in a $6 billion fraud.
-
June 07, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen British broadcaster GB News hit with a libel claim by climate activist Dale Vince, MGM take aim at an immersive events company over intellectual property rights to the James Bond franchise, and law firms Stephenson Harwood and Bowen-Morris & Partners tackle a contracts claim by investment adviser Yieldstreet. Here, Law360 looks at these and other new claims in the U.K.
-
June 07, 2024
Trio Make First Appearance In FCA's £8M Pension Fraud Case
Three consultants made their first court appearance on fraud charges in London on Friday to face allegations by the Financial Conduct Authority over an investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.
-
June 07, 2024
Financial Adviser Gets 8 Years For Legal Funding Fraud
A London judge sentenced a former financial adviser to eight years in prison on Friday after he was convicted of siphoning £5.8 million ($7.4 million) in secret commission payments from an investment fund in a legal financing fraud.
-
June 07, 2024
Swiss Finance Watchdog Issues New Cyber Warnings
Switzerland's financial markets regulator issued new guidance for all regulated firms on Friday, telling them how to manage cyber risks after finding that many are failing to take the right steps to prevent attacks, including those against the service providers they use.
-
June 07, 2024
Ex-Goldman Sachs Banker Loses Bribery Extradition Fight
A former Goldman Sachs banker has lost his fight to avoid being extradited to the U.S. for allegedly bribing Ghanaian officials, as a London court ruled on Friday that the alleged crimes were sufficiently linked to America to be tried there.
-
June 06, 2024
Ex-Autonomy CEO, VP Both Cleared In HP Criminal Fraud Trial
A California federal jury on Thursday acquitted former Autonomy CEO Michael Lynch and former finance Vice President Stephen Chamberlain of criminal fraud and conspiracy charges following an 11-week trial over allegations that the two conned HP into overpaying billions for the British tech company.
-
June 06, 2024
'Brussels Effect' Of EU's AI Act Is Uncertain, Legal Pros Say
BigLaw attorneys advising international clients on the European Union's AI Act tell Law360 there are significant uncertainties over vague terms in the 458-page statute, how its steep eight-figure fines will be enforced, and whether it will set a new standard globally as part of the "Brussels effect."
-
June 06, 2024
Post Office Board Missed Clues, Former Chair Tells Inquiry
A former chair of the Post Office Ltd. board told the inquiry into the Horizon IT scandal on Thursday that the board did not act on a number of "clues" suggesting that the company was wrongly prosecuting innocent subpostmasters.
-
June 06, 2024
Autoliv, ZF Must Share Expert Evidence In €734M Cartel Claim
The Court of Appeal has blocked an attempt from two global technology groups to provide separate expert evidence in a €734 million ($799 million) cartel damages claim, finding no material conflict of interest preventing the co-defendants from relying on one joint expert.
-
June 06, 2024
Broker Jailed For £46K Bouncy Castle Insurance Fraud
A former insurance broker has been jailed for two years after pocketing more than £46,000 ($58,900) by editing another company's contract documents to increase the cost of the insurance premiums paid by his clients, City of London Police said Thursday.
-
June 06, 2024
5 Questions For Linklaters Partner Guillaume Couneson
Since European Union law negotiators gave final approval in May to the first worldwide rules on artificial intelligence, the pressure on global banks and insurers to prepare to comply has started. Here, Guillaume Couneson, a partner at Linklaters, tells Law360 that regulators are likely to focus initially on low-hanging fruit breaches.
-
June 06, 2024
EU Watchdog Specifies New Rules For Crypto-Asset Issuers
The European Union's banking regulator Thursday published detailed rules for many stablecoin issuers to comply with its bloc-wide crypto-assets regime in force, including to have the remuneration framework used in investment firms.
Expert Analysis
-
Takeaways From CMA's Grocery Sector Unit Pricing Report
The Competition and Markets Authority’s recently published report identifying grocery retailers' problematic and inconsistent behaviors in their use of unit pricing signals that retailers will want to take care to use all pricing structures in a clear and transparent way, and that the CMA's soft approach is ending and enforcement is becoming a costly reality, says Michael Cordeaux at Walker Morris.
-
Report Can Aid With Sustainable Finance Disclosure Filings
The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.
-
Protecting The Arbitral Process In Russia-Related Disputes
Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.
-
Audit Reform Takeaways After Record KPMG Fine
The Financial Reporting Council’s recent £21 million fine against KPMG for its Carillion audit work failures is representative of the agency’s increasing proactivity in policing audit quality, and brings to light the U.K. government’s slow-moving but ongoing efforts to majorly reform audit sector regulations, says Paul Brehony at Signature Litigation.
-
Takeaways From The CMA's Green Collaboration Guidance
Recently published Competition and Markets Authority guidance on the application of competition law to environmental sustainability agreements should remove barriers for businesses that want to collaborate on environmental sustainability without breaking the law, say attorneys at Eversheds Sutherland.
-
RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'
A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.
-
Putin Ruling May Have Unintended Sanctions Consequences
By widening the scope of control, the Court of Appeal's recent judgment in Mints v. PJSC opens the possibility that everything in Russia could be deemed to be controlled by President Vladimir Putin, which would significantly expand the U.K.'s sanctions regime in unintended ways, say attorneys at Greenberg Traurig.
-
Navigating The New Framework On Nature-Related Reporting
The Taskforce on Nature-related Financial Disclosures’ recently published disclosure framework represents a significant step toward the coalescence of nature-related disclosure standards for corporates and financial institutions, and has the potential to influence investor expectations and future regulation, say lawyers at Kirkland.
-
FCA Engagement Signals New Direction In ESG Disclosures
The Financial Conduct Authority recently published a response to a consultation on sustainability-related standards, highlighting the regulator's priorities for the U.K.'s green transition, including an early indication that it may turn its attention to nature-based disclosures, say Ferdisha Snagg and Andreas Wildner at Cleary.
-
New Policies Will Aid UK Cos. Accessing US Capital Markets
The U.K. government's recent adoption of regulations permitting the use of U.S. generally accepted accounting principles, and announcement of measures to remove a 1.5% tax on certain share issues and transfers, should help ensure that England remains an attractive holding company jurisdiction for companies seeking a listing on U.S. stock exchanges, say lawyers at Davis Polk.
-
Key Takeaways From ICO Report On Workforce Monitoring
The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.
-
Creating A Safe Workplace Goes Beyond DEI Compliance
The Financial Conduct Authority and Prudential Regulation Authority recently proposed a new diversity and inclusion regulatory framework to combat sexual harassment in the workplace, and companies should take this opportunity to holistically transform their culture to ensure zero tolerance for misconduct, says Vivek Dodd at Skillcast.
-
How UK AI Agency Will Affect Regulatory Landscape
The U.K. government recently unveiled plans for its new Digital Regulation Cooperation Forum AI and Digital Hub, which is poised to be influential in the U.K.’s emerging artificial intelligence landscape through effective collaboration and synchronization between regulators, says Ludovico Lugnani at BDB Pitmans.
-
Asset Managers Should Prepare For Nature-Related Reporting
Although it is doubtful that the U.K. nature-related task force’s recent recommendations for mandatory nature reporting will come into effect imminently, it is likely that investors will begin to use them to assess risks and will request asset managers to shift capital flows to more sustainable outcomes, say lawyers at Macfarlanes.
-
Firms Should Prepare For New DEI Reporting Requirements
While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.